NokiMo
The Maverick Of Wall Street
The Maverick Of Wall Street

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My Secret Indicator: You Will Never Trade The Same Way Again!

My Secret Indicator: You Will Never Trade The Same Way Again!

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If your using thinkorswim, I posted a script for it two day ago in the comments on Maverick's My Secret Indicator: You Will Never Trade The Same Way Again! video. hope that helps.

Fog Horn

IV Rank script for thinkorswim IVRank_v6 declare lower; input price = close; input length = 21; Assert(length > 0, "'length' must be positive: " + length); #Calculate daily return def dailyReturn = (price - price[1]) / ((price + price[1]) / 2); #Calculate historical volatility def histVolatility = StDev(dailyReturn, length); #Calculate iv_rank (assuming you want to normalize histVolatility) def iv_rank = 100 * (histVolatility - Lowest(histVolatility, length)) / (Highest(histVolatility, length) - Lowest(histVolatility, length)); #Plot IV Rank plot ivRankLine = iv_rank; ivRankLine.SetDefaultColor(CreateColor(255,102,0)); ivRankLine.SetLineWeight(2); ivRankLine.SetStyle(Curve.Firm); #Reference lines plot Overbought = 80; Overbought.SetDefaultColor(Color.RED); Overbought.SetLineWeight(1); Overbought.SetStyle(Curve.FIRM); plot Oversold = 20; Oversold.SetDefaultColor(Color.GREEN); Oversold.SetLineWeight(1); Oversold.SetStyle(Curve.FIRM); plot IVRankMiddle = 50; IVRankMiddle.SetDefaultColor(Color.WHITE); IVRankMiddle.SetLineWeight(1); IVRankMiddle.SetStyle(Curve.FIRM); #Clouds: compare iv_rank to levels #Use `Double` type explicitly for clarity and to avoid type mismatch def cloud_upper = if iv_rank > 80 then iv_rank else 80; def cloud_lower = if iv_rank < 20 then iv_rank else 20; #Add clouds AddCloud(cloud_upper, 80, Color.LIGHT_RED, Color.LIGHT_RED); AddCloud(cloud_lower, 20, Color.LIGHT_GREEN, Color.LIGHT_GREEN);

Fog Horn

Im still trying to see if there is some way to get a screener that will detect high IVR and RSI for tickers

Jonathan S

Great video, thanks Mav

HeavyDutyfx


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